Reaction to Canadian court ruling on securities regulator

Thu Dec 22, 2011 3:12pm EST
 
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(Reuters) - The Supreme Court of Canada ruled against the federal government's plan to create a single, national securities regulator, forcing Ottawa to rethink its campaign to replace the current patchwork of provincial watchdogs and regulations.

Here are some of the reactions from politicians, regulators and other stakeholders to Thursday's court's ruling.

FINANCE MINISTER, JIM FLAHERTY:

"We have the decision and we will respect it. It is clear we cannot proceed with this legislation. We will review the decision carefully and act in accordance with it."

QUEBEC FINANCE MINISTER RAYMOND BACHAND:

"This is a victory of federalism against unilateralism."

MANITOBA FINANCE MINISTER STAN STRUTHERS:

"It's better to regulate from Manitoba than from Bay Street"

Struthers said Manitoba is willing to participate in talks with the federal government and provinces, but "we would need to be sure the federal government is serious about sitting at the table and discussing these issues and not making decisions unilaterally."   Continued...